External broker reports(aggregated public sources), HDFC Securities

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Equity Bottom-Up

<ul><li>LIC Housing Finance (LICHF) Q2FY26 earnings were largely in line with our estimates as lower opex was offset by higher credit costs (22bps)</li><li>Loan growth continued to remain subdued (+6% YoY), driven by muted disbursements growth (-1% YoY), and continues to remain an area of concern</li><li>LICHF continues to prioritize margins over loan growth with broadly steady NIMs at 2.62%, although the company has recently tweaked its re-pricing rates in order to arrest the BT-outs, which had spiked in Q2</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

LIC Housing Finance (LICHF) Q2FY26 earnings were largely in line with our estimates as lower opex was offset by higher credit costs (22bps)Loan growth continued to remain subdued (+6% YoY), driven by muted disbursements growth (-1% YoY), and continues to remain an area of concernLICHF continues to prioritize margins over loan growth with broadly steady NIMs at 2.62%, although the company has recently tweaked its re-pricing rates in order to arrest the BT-outs, which had spiked in Q2Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

LIC Housing Finance: Margins Remain Steady, Upgrade to ADD

Thematic (Sector/Industry)

<ul><li>Siemens Energy: Siemens Energy Ltd (SEL) delivered a muted quarter with revenue/EBITDA/APAT of INR 17.8/3.4/2.6bn, miss on our estimates by -12.1/-21.4/-19.4%</li><li>Revenue and EBITDA were impacted by weaker execution which we believe will pick up from FY26 as T&amp;D OB is strong and once there is significant execution, operating leverage will kick in on better margin mix</li><li>SEL received new orders worth INR 32.9bn (+94% YoY) on the back of strong demand both in domestic as well as export market, which led to an order intake of INR 107.6bn, as of 9MFY25</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Siemens Energy: Siemens Energy Ltd (SEL) delivered a muted quarter with revenue/EBITDA/APAT of INR 17.8/3.4/2.6bn, miss on our estimates by -12.1/-21.4/-19.4%Revenue and EBITDA were impacted by weaker execution which we believe will pick up from FY26 as T&amp;D OB is strong and once there is significant execution, operating leverage will kick in on better margin mixSEL received new orders worth INR 32.9bn (+94% YoY) on the back of strong demand both in domestic as well as export market, which led to an order intake of INR 107.6bn, as of 9MFY25Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Siemens Energy, Shree Cement, ABB India, Sundaram Finance...

<ul><li>Kaynes Technology: Kaynes’ revenue grew 54% YoY at INR 9.85bn, supported by a strong order book</li><li>Gross margins significantly expanded by 720bps YoY to 32.1% due to a better product mix</li><li>EBITDAM improved by 210bps YoY to 17.1%, limited by a substantial increase in other expenses</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kaynes Technology: Kaynes’ revenue grew 54% YoY at INR 9.85bn, supported by a strong order bookGross margins significantly expanded by 720bps YoY to 32.1% due to a better product mixEBITDAM improved by 210bps YoY to 17.1%, limited by a substantial increase in other expensesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Kaynes Technology, LIC Housing Finance, CreditAccess Grameen

<ul><li>The RBI kept repo rates unchanged but more importantly pivoted its stance from “withdrawal of accommodation” to “neutral”, signalling an openness to rate cuts over the coming months</li><li>Although system-wide liquidity has organically improved since our most recent publication on the liquidity conundrum, deposit growth is likely to remain a function of growth in the broader money supply (M3) and inflation targets</li><li>More importantly, in line with its ‘satark’ motto, the RBI has categorically highlighted the unscrupulous practices of NBFC/HFCs to pursue growth and profitability at the cost of compliance and fair practices, with an unusually stern directive to such regulated entities to proactively mend their ways.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The RBI kept repo rates unchanged but more importantly pivoted its stance from “withdrawal of accommodation” to “neutral”, signalling an openness to rate cuts over the coming monthsAlthough system-wide liquidity has organically improved since our most recent publication on the liquidity conundrum, deposit growth is likely to remain a function of growth in the broader money supply (M3) and inflation targetsMore importantly, in line with its ‘satark’ motto, the RBI has categorically highlighted the unscrupulous practices of NBFC/HFCs to pursue growth and profitability at the cost of compliance and fair practices, with an unusually stern directive to such regulated entities to proactively mend their ways.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Leveraged Financials: ‘Satark’ NBFCs, RBI Pivots to a Stern Warning

<ul><li>Sundaram Finance: Sundaram Finance’s (SUF) Q1FY25 earnings were lower than our estimates, largely due to NIM compression and lower other income</li><li>AUM growth moderated to +23% YoY (Q4FY24: +27.3% YoY), driven by moderation in disbursements growth (+7% YoY)</li><li>While SUF’s product and geographic diversification approach to sustain its growth momentum and lift its margins has augured well in the past couple of years, the softening CV and PV cycle is likely to drive moderation in loan growth during FY25-FY26E (18% CAGR vs 22% CAGR during FY23-FY24)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sundaram Finance: Sundaram Finance’s (SUF) Q1FY25 earnings were lower than our estimates, largely due to NIM compression and lower other incomeAUM growth moderated to +23% YoY (Q4FY24: +27.3% YoY), driven by moderation in disbursements growth (+7% YoY)While SUF’s product and geographic diversification approach to sustain its growth momentum and lift its margins has augured well in the past couple of years, the softening CV and PV cycle is likely to drive moderation in loan growth during FY25-FY26E (18% CAGR vs 22% CAGR during FY23-FY24)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Sundaram Finance, LIC Housing Finance, Motherson Sumi Wiring India

India

LIC Housing Finance is a major Indian housing finance company that provides long-term financing for the purchase, construction, repair, and renovation of residential properties for individuals and corporate entities. The company offers a diverse product portfolio including home loans, plot loans, home improvement loans, and loans against property. It was founded in 1989 and is headquartered in Mumbai, India.

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LIC Housing Finance (LICHF IN)

LIC Housing Finance: Margins Remain Steady, Upgrade to ADD

LIC Housing Finance (LICHF) Q2FY26 earnings were largely in line with our estimates as lower opex was offset by higher credit costs (22bps)

HDFC Securities

HSIE Results Daily: Siemens Energy, Shree Cement, ABB India, Sundaram Finance...

Siemens Energy: Siemens Energy Ltd (SEL) delivered a muted quarter with revenue/EBITDA/APAT of INR 17.8/3.4/2.6bn, miss on our estimates by -12.1/...

HDFC Securities

HSIE Results Daily: Kaynes Technology, LIC Housing Finance, CreditAccess Grameen

Kaynes Technology: Kaynes’ revenue grew 54% YoY at INR 9.85bn, supported by a strong order book. Gross margins significantly expanded by 720bps YoY...

HDFC Securities

Leveraged Financials: ‘Satark’ NBFCs, RBI Pivots to a Stern Warning

We continue to reiterate our preference towards large banks (top pick: SBIN, ICICIBC) over NBFCs (Top pick: BAF) in the current environment.

HDFC Securities

HSIE Results Daily: Sundaram Finance, LIC Housing Finance, Motherson Sumi Wiring India

Sundaram Finance: Sundaram Finance’s (SUF) Q1FY25 earnings were lower than our estimates, largely due to NIM compression and lower other income

HDFC Securities

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